Homeownership hits 2-decade low

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The FHA 203k loan program provides home buyers the opportunity to buy and fix up a property, without exhausting their personal savings.

The U.S. homeownership rate has hit its lowest level in more than two decades, according to a report by the Census Bureau.

The decline is just the latest low in a multiyear slide as rising prices and static wages keep young people out of the housing market, according to a Bloomberg report.

The share of Americans who own their homes fell to 63.7% in the first quarter, down from 64% in Q4 of 2014, according to the Census Bureau. That’s the lowest rate since 1993, according to data compiled by Bloomberg.

The issue, in large part, is the result of static wages and rapidly ballooning housing prices. The median household income grew just 2.1% year over year in March, while the median home price spiked 7.8% in the same timeframe, Bloomberg reported. Last year, the share of homes purchased by first-time homebuyers fell to its lowest level in nearly 30 years, according to the National Association of Realtors.

COMMENTS

by BVG| 4/28/2015 12:09:14 PM

No worries CA market is on fire!!

by | 4/28/2015 1:01:28 PM

Proof that prices are not driven by the average working family.Proof we are in the middle of another artificial bubble.The sport of kings is no longer horse racing, it is the new form of musical chairs called "ping-ponging", oops, I meant to say flipping.